RIM's Next Move? Stay, Share or Sell

Research In Motion Ltd.'s rookie chief executive is now racing the clock to stem its quickly weakening smartphone business—or come up with options to save the BlackBerry maker.

With each passing quarter, RIM's financial situation is eroding and so too are its workable alternatives. Analysts and industry executives say RIM, by not considering more radical options earlier like selling the company, has now forced itself into a...